Natsteel boosts RI presence

Fri, 20 Nov 1998 | Source: DJ

SINGAPORE (Dow Jones): Government-linked NatSteel Ltd. (P.NTS) said it has invested S$3.22 million to raise its stake in two brick companies to 65% each.

Natsteel said it is paying S$2.12 million to raise its stake by 23 percent in Indonesia's PT Sidu Batu Bata Industri. It is paying a further S$1.1 million to raise is stake by the same amount in Singapore's Eastern Bricks Pte. Ltd.

"These investments will position the company to be a low-cost producer of bricks to supply the Singapore and regional markets. The demand for bricks in Singapore is expected to be strong as brick manufacturing is progressively phased out in Singapore," Nasteel said of the investment.

These acquisitions, financed through internal sources and bank borrowings, are not expected to have a material impact on the earnings per share and net tangible assets per share of NatSteel for the current year, it said.

View JSON | Print